Gold rush at the Moscow Exchange: Russians have accumulated 15 tons of precious metal
Russian retail investors continue to actively increase their positions in exchange-traded gold. Based on my estimates, derived from Moscow Exchange data, by the end of July 2026, the total volume of the precious metal in brokerage accounts of individuals exceeded 10.8 tonnes. Since the start of the year, the increase has amounted to nearly 2 tonnes — this is a serious signal of a shift in investment preferences.
If we take into account not only direct purchases but also investments through exchange-traded funds on precious metals, the overall figure reaches an impressive 15 tonnes. Notably, the average retail investor now holds about 70 grams of gold in their portfolio. For comparison: the average size of a single direct metal purchase transaction in the first half of 2026 was only 14 grams — meaning investors prefer systematic accumulation over one-off large investments.
Why gold has become a hit
The precious metal is confidently ranking among the assets with the highest returns over the past two years. The key factor is its lower exposure to country risk: the price of gold is determined by global trends rather than local conditions. Separately, the role of central banks should be noted, as they have significantly increased their reserves over the past three to four years, providing steady support to quotations.
At the same time, the potential for growing interest in the instrument is far from exhausted. Direct purchases remain relatively modest, especially against the backdrop of physical gold bullion, which Russians purchase annually in volumes of about 20 tonnes. Clearly, the exchange-traded format still lags behind the traditional one, but the dynamics point to a gradual shift.
Structure and geography of demand
Despite the impressive growth rates, the share of gold in the portfolios of Russian investors is only 1%, whereas abroad, in diversified portfolios, this figure reaches up to 10%. For comparison, money market funds account for 14% of retail investor assets — their net value has grown by more than 2 trillion rubles over two years, and since the start of 2026, inflows have exceeded 300 billion rubles. The number of participants who have invested in precious metals funds has reached 1.6 million people, although money market funds have 2.9 million.
Geographically, Moscow, the Moscow Region, and St. Petersburg lead, but investors from Kamchatka have shown the most active growth dynamics over the past year. The geography of the product is expanding, covering increasingly remote regions of the country.
Overall, the trend toward exchange-traded gold fits into the broader picture of capital inflows into the stock market: in July, retail investors invested 142.9 billion rubles in securities, and investments in stocks grew 1.9 times year-on-year.
My view: The current growth is only the beginning. Given the global trend toward de-dollarization and persistently high inflation, gold will remain one of the most reliable safe-haven assets. The Russian market still has room to grow: if the share of the metal in portfolios approaches even the Western 5%, this would mean a multiple increase in current volumes. Investors should view gold not as a speculative instrument, but as a long-term element of diversification.